China approves sale of Toshiba memory unit

They claimed SK hynix, which is ranked fourth in the NAND memory chip sector, could piggyback on Toshiba's unit to increase presence in the segment.

The deal was agreed between buyer and seller a year ago, with Bain taking a 49.9% stake and Toshiba retaining 40.2%.

However, Toshiba's creditors, according to Reuters, remained keen for the deal to go through, arguing that the company in its current condition lacked the resources to back the hefty capital investments that Toshiba Memory requires to remain a market leader.

"The parties will now take necessary procedures to close the transaction, which is currently expected to occur on June 1, 2018", Toshiba said in its most recent statement.

"All antitrust approvals have now been received and we are looking forward to closing this investment", Bain Capital said in a statement on Thursday. A representative for Bain was not immediately available for comment.

It already had the green light from Korean, U.S., Japanese and European authorities, but awaited approval from China. Toshiba was apparently so convinced the deal was dead and buried that it had even developed contingency plans that included possibly taking its memory business public or offering its sale to an alternative consortium.

The approval for the Bain consortium may raise hopes that Beijing will also give the greenlight to Qualcomm's proposed $44 billion takeover of rival NXP Semiconductors.

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